Reforming Corporate Governance : Experiences with Public Takeover Bids in Chile and Panama
Focus 6 covers the experiences of two high-profile cases in Chile and Panama and analyzes reforms that shape new legislation and protect minority shareholders. The first article in this publication explores the impact the reforms to the regulation...
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| Format: | Working Paper |
| Language: | English en_US |
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International Finance Corporation, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2009/01/19648153/factores-de-reforma-en-gobierno-corporativo-experiencias-en-ofertas-publicas-de-adquisicion-en-chile-y-panama-focus-reforming-corporate-governance-experiences-public-takeover-bids-chile-panama http://hdl.handle.net/10986/19013 |
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okr-10986-19013 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO CAPITAL ACCOUNTING ACQUISITION ACQUISITIONS AGENCY COSTS ARBITRATION AUDIT COMMITTEE AUDITS BOARD MEMBER BOARD RESOLUTION BOARDS OF DIRECTORS BRANCH BROKER BUSINESS COMMUNITY BUSINESS CORPORATION BUSINESS CORPORATION LAW BUSINESS CORPORATIONS BUSINESS OPPORTUNITIES CALL OPTION CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CERTIFICATES OF DEPOSIT CITIZENS COMMERCIAL LAW COMMON SHARES COMPANY COMPANY LAW COMPETITOR CONFIDENTIALITY CONFLICT OF INTEREST CONFLICTS OF INTEREST CONGLOMERATE CONSENSUS CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE COLLAPSES CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE GOVERNANCE LAW CORPORATE GOVERNANCE LAWS CORPORATE GOVERNANCE PRINCIPLES CORPORATE GOVERNANCE REFORM CORPORATE GOVERNANCE REFORMS CORPORATE GOVERNANCE SYSTEM CORPORATE GOVERNANCE SYSTEMS CORPORATE INFORMATION CORPORATE PRACTICE CORPORATE PRACTICES CORPORATE SOCIAL RESPONSIBILITY CORPORATE TAKEOVERS CORPORATION CORPORATIONS LAW COURT OF APPEALS CREDIBILITY CRITICAL MASS DEPOSITORY DERIVATIVE DEVELOPMENT BANK DISTRIBUTION COMPANY DIVIDEND DIVIDEND POLICIES DUE DILIGENCE ENACTMENT ENTREPRENEURS EQUAL TREATMENT EQUALITY EXCHANGE COMMISSION EXPROPRIATION FINANCE CORPORATION FINANCIAL FLOWS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SUPPORT FOREIGN INSTITUTIONAL INVESTORS FOREIGN INVESTORS FOREIGN MARKETS FRAUD GLOBAL CORPORATE GOVERNANCE GOVERNANCE PRACTICES GOVERNANCE REGULATION GOVERNANCE REGULATIONS GROUP COMPANIES GROUP OF INVESTORS GROUP OF SHAREHOLDERS HOLDING HOLDING COMPANY HOLDINGS HOSTILE TAKEOVERS INCOMING CONTROLLING SHAREHOLDER INCORPORATED INCORPORATION INDEPENDENT DIRECTORS INDIVIDUALS INSTITUTIONAL INVESTORS INSURANCE INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL FINANCE INTERNATIONAL INVESTORS INTERNATIONAL RATING AGENCIES INVESTING INVESTMENT FUND INVESTMENT FUNDS INVESTMENT POLICIES JUDICIARY KIND OF COLLECTIVE LARGE SHAREHOLDERS LAW FIRM LAWYERS LEGAL ENTITY LEGAL PROVISIONS LEGAL REFORM LEGISLATION LEGISLATIVE REFORM LEGISLATORS LEGISLATURE LISTED COMPANIES LLC LOCAL MARKET MAJORITY SHAREHOLDER MANAGEMENT CONTRACT MANAGERS MARKET DEVELOPMENT MARKET EQUITY MARKET PRICES MARKET REGULATOR MERGERS MINISTRY OF FINANCE MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDERS MONETARY FUND MONEY LAUNDERING NATIONAL SECURITIES OWNERSHIP STRUCTURE PARENT COMPANIES PARENT COMPANY PARTNERSHIP PARTY PENSION PENSION FUND PENSION FUNDS PERSONS POLITICAL PARTIES POLITICIANS POOR GOVERNANCE POTENTIAL BIDDERS PRESIDENTS PRIVATE BANK PRIVATIZATION PROPORTIONAL REPRESENTATION PUBLIC COMPANIES PUBLIC CORPORATIONS PUBLIC ENTERPRISES PUBLIC OFFERING PUBLIC OFFERINGS PUBLIC OPINION PUBLIC SALE PURCHASING POWER REGULATORY FRAMEWORK REGULATORY INSTRUMENTS REGULATORY REFORM REPRESENTATIVES REPUTATION RIGHTS OF MINORITY SHAREHOLDERS RIGHTS OF SHAREHOLDER RISK PREMIUM SAVINGS SCANDAL SCANDALS SECURITIES SECURITIES MARKET SECURITIES MARKET LAW SECURITIES MARKET REGULATIONS SECURITIES MARKETS SECURITIES REGULATOR SECURITIES REGULATORS SETTLEMENT SHARE PRICE SHAREHOLDER ACTIVISM SHAREHOLDER AGREEMENT SHAREHOLDERS SHAREHOLDERS MEETING SHAREHOLDERS MEETINGS SHARES OF COMPANIES SOCIAL COST SOCIAL SECURITY STAKEHOLDERS STOCK EXCHANGE STOCK MARKET STOCK MARKET LAWS STORE SUBSIDIARIES SUBSIDIARY SWAP TAKEOVER TAKEOVER BID TAKEOVER BIDS TAKEOVER REGULATIONS TAKEOVERS TERRORISM THEORY OF THE FIRM TRANSACTION TRANSFER OF OWNERSHIP TREASURY TRUSTEE TRUSTEES VALUATION VENTURE CAPITAL VENTURE CAPITAL INVESTMENT VOTING WEALTH CREATION WITHDRAWAL |
| spellingShingle |
ACCESS TO CAPITAL ACCOUNTING ACQUISITION ACQUISITIONS AGENCY COSTS ARBITRATION AUDIT COMMITTEE AUDITS BOARD MEMBER BOARD RESOLUTION BOARDS OF DIRECTORS BRANCH BROKER BUSINESS COMMUNITY BUSINESS CORPORATION BUSINESS CORPORATION LAW BUSINESS CORPORATIONS BUSINESS OPPORTUNITIES CALL OPTION CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CERTIFICATES OF DEPOSIT CITIZENS COMMERCIAL LAW COMMON SHARES COMPANY COMPANY LAW COMPETITOR CONFIDENTIALITY CONFLICT OF INTEREST CONFLICTS OF INTEREST CONGLOMERATE CONSENSUS CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE COLLAPSES CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE GOVERNANCE LAW CORPORATE GOVERNANCE LAWS CORPORATE GOVERNANCE PRINCIPLES CORPORATE GOVERNANCE REFORM CORPORATE GOVERNANCE REFORMS CORPORATE GOVERNANCE SYSTEM CORPORATE GOVERNANCE SYSTEMS CORPORATE INFORMATION CORPORATE PRACTICE CORPORATE PRACTICES CORPORATE SOCIAL RESPONSIBILITY CORPORATE TAKEOVERS CORPORATION CORPORATIONS LAW COURT OF APPEALS CREDIBILITY CRITICAL MASS DEPOSITORY DERIVATIVE DEVELOPMENT BANK DISTRIBUTION COMPANY DIVIDEND DIVIDEND POLICIES DUE DILIGENCE ENACTMENT ENTREPRENEURS EQUAL TREATMENT EQUALITY EXCHANGE COMMISSION EXPROPRIATION FINANCE CORPORATION FINANCIAL FLOWS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SUPPORT FOREIGN INSTITUTIONAL INVESTORS FOREIGN INVESTORS FOREIGN MARKETS FRAUD GLOBAL CORPORATE GOVERNANCE GOVERNANCE PRACTICES GOVERNANCE REGULATION GOVERNANCE REGULATIONS GROUP COMPANIES GROUP OF INVESTORS GROUP OF SHAREHOLDERS HOLDING HOLDING COMPANY HOLDINGS HOSTILE TAKEOVERS INCOMING CONTROLLING SHAREHOLDER INCORPORATED INCORPORATION INDEPENDENT DIRECTORS INDIVIDUALS INSTITUTIONAL INVESTORS INSURANCE INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL FINANCE INTERNATIONAL INVESTORS INTERNATIONAL RATING AGENCIES INVESTING INVESTMENT FUND INVESTMENT FUNDS INVESTMENT POLICIES JUDICIARY KIND OF COLLECTIVE LARGE SHAREHOLDERS LAW FIRM LAWYERS LEGAL ENTITY LEGAL PROVISIONS LEGAL REFORM LEGISLATION LEGISLATIVE REFORM LEGISLATORS LEGISLATURE LISTED COMPANIES LLC LOCAL MARKET MAJORITY SHAREHOLDER MANAGEMENT CONTRACT MANAGERS MARKET DEVELOPMENT MARKET EQUITY MARKET PRICES MARKET REGULATOR MERGERS MINISTRY OF FINANCE MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDERS MONETARY FUND MONEY LAUNDERING NATIONAL SECURITIES OWNERSHIP STRUCTURE PARENT COMPANIES PARENT COMPANY PARTNERSHIP PARTY PENSION PENSION FUND PENSION FUNDS PERSONS POLITICAL PARTIES POLITICIANS POOR GOVERNANCE POTENTIAL BIDDERS PRESIDENTS PRIVATE BANK PRIVATIZATION PROPORTIONAL REPRESENTATION PUBLIC COMPANIES PUBLIC CORPORATIONS PUBLIC ENTERPRISES PUBLIC OFFERING PUBLIC OFFERINGS PUBLIC OPINION PUBLIC SALE PURCHASING POWER REGULATORY FRAMEWORK REGULATORY INSTRUMENTS REGULATORY REFORM REPRESENTATIVES REPUTATION RIGHTS OF MINORITY SHAREHOLDERS RIGHTS OF SHAREHOLDER RISK PREMIUM SAVINGS SCANDAL SCANDALS SECURITIES SECURITIES MARKET SECURITIES MARKET LAW SECURITIES MARKET REGULATIONS SECURITIES MARKETS SECURITIES REGULATOR SECURITIES REGULATORS SETTLEMENT SHARE PRICE SHAREHOLDER ACTIVISM SHAREHOLDER AGREEMENT SHAREHOLDERS SHAREHOLDERS MEETING SHAREHOLDERS MEETINGS SHARES OF COMPANIES SOCIAL COST SOCIAL SECURITY STAKEHOLDERS STOCK EXCHANGE STOCK MARKET STOCK MARKET LAWS STORE SUBSIDIARIES SUBSIDIARY SWAP TAKEOVER TAKEOVER BID TAKEOVER BIDS TAKEOVER REGULATIONS TAKEOVERS TERRORISM THEORY OF THE FIRM TRANSACTION TRANSFER OF OWNERSHIP TREASURY TRUSTEE TRUSTEES VALUATION VENTURE CAPITAL VENTURE CAPITAL INVESTMENT VOTING WEALTH CREATION WITHDRAWAL Clarke de la Cerda, Alvaro Barsallo, Carlos A. Reforming Corporate Governance : Experiences with Public Takeover Bids in Chile and Panama |
| geographic_facet |
Latin America & Caribbean Chile Panama |
| relation |
Global Corporate Governance Forum focus
series;no. 6 |
| description |
Focus 6 covers the experiences of two
high-profile cases in Chile and Panama and analyzes reforms
that shape new legislation and protect minority
shareholders. The first article in this publication explores
the impact the reforms to the regulation of corporate
governance in 2000 on the capital market in Chile. After
seven years of implementing the new law it is possible to
consider, with a more informed vision, what the positive and
negative elements that strengthening the regulation of
corporate governance have brought. The experience of Panama
is also an ironic commentary on the Chilean experience. It
is the case for reform to protect minority shareholders
which was introduced by the Panamanian securities regulator.
In reaction to this, some interested individuals rejected
the reform proposal in theory, tying up the initiative in
the courts, but accepted it and followed it in practice. And
continue to do so even today. The history, regulation and
the practice of takeovers in Panama presents interesting
paradoxical and contradictory features, which can provide
lessons that can be of general use. |
| format |
Publications & Research :: Working Paper |
| author |
Clarke de la Cerda, Alvaro Barsallo, Carlos A. |
| author_facet |
Clarke de la Cerda, Alvaro Barsallo, Carlos A. |
| author_sort |
Clarke de la Cerda, Alvaro |
| title |
Reforming Corporate Governance : Experiences with Public Takeover Bids in Chile and Panama |
| title_short |
Reforming Corporate Governance : Experiences with Public Takeover Bids in Chile and Panama |
| title_full |
Reforming Corporate Governance : Experiences with Public Takeover Bids in Chile and Panama |
| title_fullStr |
Reforming Corporate Governance : Experiences with Public Takeover Bids in Chile and Panama |
| title_full_unstemmed |
Reforming Corporate Governance : Experiences with Public Takeover Bids in Chile and Panama |
| title_sort |
reforming corporate governance : experiences with public takeover bids in chile and panama |
| publisher |
International Finance Corporation, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2009/01/19648153/factores-de-reforma-en-gobierno-corporativo-experiencias-en-ofertas-publicas-de-adquisicion-en-chile-y-panama-focus-reforming-corporate-governance-experiences-public-takeover-bids-chile-panama http://hdl.handle.net/10986/19013 |
| _version_ |
1764443508596277248 |
| spelling |
okr-10986-190132021-04-23T14:03:50Z Reforming Corporate Governance : Experiences with Public Takeover Bids in Chile and Panama Clarke de la Cerda, Alvaro Barsallo, Carlos A. ACCESS TO CAPITAL ACCOUNTING ACQUISITION ACQUISITIONS AGENCY COSTS ARBITRATION AUDIT COMMITTEE AUDITS BOARD MEMBER BOARD RESOLUTION BOARDS OF DIRECTORS BRANCH BROKER BUSINESS COMMUNITY BUSINESS CORPORATION BUSINESS CORPORATION LAW BUSINESS CORPORATIONS BUSINESS OPPORTUNITIES CALL OPTION CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CERTIFICATES OF DEPOSIT CITIZENS COMMERCIAL LAW COMMON SHARES COMPANY COMPANY LAW COMPETITOR CONFIDENTIALITY CONFLICT OF INTEREST CONFLICTS OF INTEREST CONGLOMERATE CONSENSUS CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE COLLAPSES CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE GOVERNANCE LAW CORPORATE GOVERNANCE LAWS CORPORATE GOVERNANCE PRINCIPLES CORPORATE GOVERNANCE REFORM CORPORATE GOVERNANCE REFORMS CORPORATE GOVERNANCE SYSTEM CORPORATE GOVERNANCE SYSTEMS CORPORATE INFORMATION CORPORATE PRACTICE CORPORATE PRACTICES CORPORATE SOCIAL RESPONSIBILITY CORPORATE TAKEOVERS CORPORATION CORPORATIONS LAW COURT OF APPEALS CREDIBILITY CRITICAL MASS DEPOSITORY DERIVATIVE DEVELOPMENT BANK DISTRIBUTION COMPANY DIVIDEND DIVIDEND POLICIES DUE DILIGENCE ENACTMENT ENTREPRENEURS EQUAL TREATMENT EQUALITY EXCHANGE COMMISSION EXPROPRIATION FINANCE CORPORATION FINANCIAL FLOWS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SUPPORT FOREIGN INSTITUTIONAL INVESTORS FOREIGN INVESTORS FOREIGN MARKETS FRAUD GLOBAL CORPORATE GOVERNANCE GOVERNANCE PRACTICES GOVERNANCE REGULATION GOVERNANCE REGULATIONS GROUP COMPANIES GROUP OF INVESTORS GROUP OF SHAREHOLDERS HOLDING HOLDING COMPANY HOLDINGS HOSTILE TAKEOVERS INCOMING CONTROLLING SHAREHOLDER INCORPORATED INCORPORATION INDEPENDENT DIRECTORS INDIVIDUALS INSTITUTIONAL INVESTORS INSURANCE INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL FINANCE INTERNATIONAL INVESTORS INTERNATIONAL RATING AGENCIES INVESTING INVESTMENT FUND INVESTMENT FUNDS INVESTMENT POLICIES JUDICIARY KIND OF COLLECTIVE LARGE SHAREHOLDERS LAW FIRM LAWYERS LEGAL ENTITY LEGAL PROVISIONS LEGAL REFORM LEGISLATION LEGISLATIVE REFORM LEGISLATORS LEGISLATURE LISTED COMPANIES LLC LOCAL MARKET MAJORITY SHAREHOLDER MANAGEMENT CONTRACT MANAGERS MARKET DEVELOPMENT MARKET EQUITY MARKET PRICES MARKET REGULATOR MERGERS MINISTRY OF FINANCE MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDERS MONETARY FUND MONEY LAUNDERING NATIONAL SECURITIES OWNERSHIP STRUCTURE PARENT COMPANIES PARENT COMPANY PARTNERSHIP PARTY PENSION PENSION FUND PENSION FUNDS PERSONS POLITICAL PARTIES POLITICIANS POOR GOVERNANCE POTENTIAL BIDDERS PRESIDENTS PRIVATE BANK PRIVATIZATION PROPORTIONAL REPRESENTATION PUBLIC COMPANIES PUBLIC CORPORATIONS PUBLIC ENTERPRISES PUBLIC OFFERING PUBLIC OFFERINGS PUBLIC OPINION PUBLIC SALE PURCHASING POWER REGULATORY FRAMEWORK REGULATORY INSTRUMENTS REGULATORY REFORM REPRESENTATIVES REPUTATION RIGHTS OF MINORITY SHAREHOLDERS RIGHTS OF SHAREHOLDER RISK PREMIUM SAVINGS SCANDAL SCANDALS SECURITIES SECURITIES MARKET SECURITIES MARKET LAW SECURITIES MARKET REGULATIONS SECURITIES MARKETS SECURITIES REGULATOR SECURITIES REGULATORS SETTLEMENT SHARE PRICE SHAREHOLDER ACTIVISM SHAREHOLDER AGREEMENT SHAREHOLDERS SHAREHOLDERS MEETING SHAREHOLDERS MEETINGS SHARES OF COMPANIES SOCIAL COST SOCIAL SECURITY STAKEHOLDERS STOCK EXCHANGE STOCK MARKET STOCK MARKET LAWS STORE SUBSIDIARIES SUBSIDIARY SWAP TAKEOVER TAKEOVER BID TAKEOVER BIDS TAKEOVER REGULATIONS TAKEOVERS TERRORISM THEORY OF THE FIRM TRANSACTION TRANSFER OF OWNERSHIP TREASURY TRUSTEE TRUSTEES VALUATION VENTURE CAPITAL VENTURE CAPITAL INVESTMENT VOTING WEALTH CREATION WITHDRAWAL Focus 6 covers the experiences of two high-profile cases in Chile and Panama and analyzes reforms that shape new legislation and protect minority shareholders. The first article in this publication explores the impact the reforms to the regulation of corporate governance in 2000 on the capital market in Chile. After seven years of implementing the new law it is possible to consider, with a more informed vision, what the positive and negative elements that strengthening the regulation of corporate governance have brought. The experience of Panama is also an ironic commentary on the Chilean experience. It is the case for reform to protect minority shareholders which was introduced by the Panamanian securities regulator. In reaction to this, some interested individuals rejected the reform proposal in theory, tying up the initiative in the courts, but accepted it and followed it in practice. And continue to do so even today. The history, regulation and the practice of takeovers in Panama presents interesting paradoxical and contradictory features, which can provide lessons that can be of general use. 2014-07-23T20:03:04Z 2014-07-23T20:03:04Z 2008-05-15 http://documents.worldbank.org/curated/en/2009/01/19648153/factores-de-reforma-en-gobierno-corporativo-experiencias-en-ofertas-publicas-de-adquisicion-en-chile-y-panama-focus-reforming-corporate-governance-experiences-public-takeover-bids-chile-panama http://hdl.handle.net/10986/19013 English en_US Global Corporate Governance Forum focus series;no. 6 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ International Finance Corporation, Washington, DC Publications & Research :: Working Paper Latin America & Caribbean Chile Panama |